Bumi Resources | The Guardianhttps://www.theguardian.com/business/bumi-resources
Latest news and features from theguardian.com, the world's leading liberal voiceen-gbGuardian News and Media Limited or its affiliated companies. All rights reserved. 2016Sat, 10 Dec 2016 01:41:41 GMT2016-12-10T01:41:41Zen-gbGuardian News and Media Limited or its affiliated companies. All rights reserved. 2016The Guardianhttps://assets.guim.co.uk/images/guardian-logo-rss.c45beb1bafa34b347ac333af2e6fe23f.pnghttps://www.theguardian.com
Weary investors cheer tales of Diageo and the deal-making billionairehttps://www.theguardian.com/business/nils-pratley-on-finance/2015/jun/08/investors-diageo-deal-making-billionaire
<p>The would-be target of Jorge Paulo Lemann, Diageo, suddenly looks as if it has run out of ways to grow </p><p>Can a one-paragraph tale out of Brazil add the thick end of £3bn to the value of the UK’s tenth-largest company? Yes. It’s just happened at Diageo. A brief mention in a Brazilian publication of takeover interest by local billionaire Jorge Paulo Lemann and his 3G Capital outfit pushed the Guinness-to-Smirnoff maker’s share price up 7%.<br></p><p>The frothy madness of modern markets at work? Only up a point. The bid story was gloriously thin on detail but it contains two ingredients of all good takeover speculation. First, the would-be bidder has an appetite for deals. Lemann and 3G were the prime movers behind the mega-merger of brewers Anheuser-Busch and Interbrew of Belgium, and also snaffled Heinz.</p> <a href="https://www.theguardian.com/business/nils-pratley-on-finance/2015/jun/08/investors-diageo-deal-making-billionaire">Continue reading...</a>BusinessBumi ResourcesDiageoDeutsche BankBankingMon, 08 Jun 2015 19:24:51 GMThttp://www.theguardian.com/business/nils-pratley-on-finance/2015/jun/08/investors-diageo-deal-making-billionairePhotograph: David Jones/PAPhotograph: David Jones/PANils Pratley2015-06-08T19:24:51ZFormer Bumi owner wins legal battle to recoup £110m from ex-directorhttps://www.theguardian.com/business/2014/dec/31/former-bumi-owner-wins-legal-battle-110m-rosan-roeslani
Singapore tribunal rules Rosan Roeslani must repay funds to Asia Resource Minerals<p>Asia Resource Minerals (ARMS), the scandal-hit mining company formerly known as Bumi, has won a legal battle to force a former director to pay back $173m (£110m) that mysteriously vanished from a subsidiary he was running.</p><p>An arbitration tribunal in Singapore ruled that Rosan Roeslani, who formerly headed Berau Coal, the Borneo mine in which the group held an 85% stake, was obliged to honour an agreement to repay the multimillion-pound sum plus accrued interest and legal costs.</p> <a href="https://www.theguardian.com/business/2014/dec/31/former-bumi-owner-wins-legal-battle-110m-rosan-roeslani">Continue reading...</a>Bumi ResourcesSingaporeMiningBusinessAsia PacificWorld newsWed, 31 Dec 2014 13:13:31 GMThttp://www.theguardian.com/business/2014/dec/31/former-bumi-owner-wins-legal-battle-110m-rosan-roeslaniPhotograph: Wallace Woon/EPAPhotograph: Wallace Woon/EPASarah Butler2014-12-31T13:13:31ZFacebook's powerhouse women avoid face-offhttps://www.theguardian.com/technology/2013/jun/23/facebook-powerhouse-women-avoid-faceoff
They have gone their separate ways, but it will be company manners for Carolyn Everson and Joanna Shields at Claridge's<p>To Claridge's on Monday, where Carolyn Everson, Facebook's global advertising chief, will take the stage at <em>Fortune's</em> one-day gathering of the most powerful women in British business.</p><p>Other formidable speakers include Thomas Cook boss Harriet Green, architect Zaha Hadid and former tennis number one Billie Jean King. Everson will be in her element. A mother of twin girls, she has backed her boss Sheryl Sandberg's controversial book on women and work, <em>Lean In</em>. Everson moved her family to London in December after Joanna Shields left her job running Facebook's European operations to head London's Tech City.</p> <a href="https://www.theguardian.com/technology/2013/jun/23/facebook-powerhouse-women-avoid-faceoff">Continue reading...</a>FacebookJoanna ShieldsSheryl SandbergTescoBumi ResourcesZaha HadidSat, 22 Jun 2013 23:05:44 GMThttp://www.theguardian.com/technology/2013/jun/23/facebook-powerhouse-women-avoid-faceoffPhotograph: Sascha Baumann/Getty ImagesJoanna Shields, former Facebook Europe boss. Photograph: Sascha Baumann/Getty ImagesPhotograph: Sascha Baumann/Getty ImagesJoanna Shields, former Facebook Europe boss. Photograph: Sascha Baumann/Getty ImagesJuliette Garside2013-06-22T23:05:44ZBumi lines up ex-BP executive John Manzoni as chairmanhttps://www.theguardian.com/business/2013/jun/16/bumi-bp-john-manzoni-chairman
Indonesian coal miner hopes new chairman can revive firm's fortunes after recent financial controversies<p>Bumi, the coal miner co-founded by financier Nat Rothschild, has lined up former BP executive John Manzoni to serve as its chairman once it has split from Indonesia's powerful Bakrie family. Dependent on the timing of a split, the company hopes Manzoni will lead a board that revives Bumi's fortunes after a very public battle for control.</p><p>Bumi was founded when the Bakrie family placed its coal assets into a cash shell formed by Rothschild. But the two sides fell out amid accusations of financial irregularities – strongly denied by the family – and a whistleblower report, which the company alleged was based on hacked emails. Bumi declined to comment.</p> <a href="https://www.theguardian.com/business/2013/jun/16/bumi-bp-john-manzoni-chairman">Continue reading...</a>Bumi ResourcesMiningBusinessBPWorld newsSun, 16 Jun 2013 19:06:09 GMThttp://www.theguardian.com/business/2013/jun/16/bumi-bp-john-manzoni-chairmanPhotograph: Adek Berry/AFP/Getty ImagesAburizal Bakrie, who has been vying with Nat Rothschild for control of Bumi. Photograph: Adek Berry/AFP/Getty ImagesPhotograph: Adek Berry/AFP/Getty ImagesAburizal Bakrie, who has been vying with Nat Rothschild for control of Bumi. Photograph: Adek Berry/AFP/Getty ImagesKatie Allen2013-06-16T19:06:09ZBumi reveals $200m black hole in financial resultshttps://www.theguardian.com/business/2013/may/31/bumi-reveals-200m-black-hole-results
Scandal-hit mining group says it seeks to recover the $152m in 2012 and $49m in 2011 that had 'no clear business purpose'<p>Bumi, the scandal-hit Indonesian coal miner, has revealed a $200m (£130m) black hole at its main subsidiary, as it released much-delayed financial results for 2012.</p><p>The FTSE-250 company – which has been dogged by a very public battle for control between financier Nat Rothschild and his co-founders, Indonesia's powerful Bakrie family – said it would seek to recover the money that had been spent over the past two years "with no clear business purpose".</p> <a href="https://www.theguardian.com/business/2013/may/31/bumi-reveals-200m-black-hole-results">Continue reading...</a>Bumi ResourcesMiningBusinessFTSEStock marketsSerious Fraud OfficeUK newsFri, 31 May 2013 15:53:00 GMThttp://www.theguardian.com/business/2013/may/31/bumi-reveals-200m-black-hole-resultsPhotograph: ReutersBumi financier Nat Rothschild (left) with Bakrie & Brothers CEO Bobby Gafur Umar. A source close to Rothschild said the black hole in Bumi's results were 'appalling but not surprising'. Photograph: ReutersPhotograph: ReutersBumi financier Nat Rothschild (left) with Bakrie & Brothers CEO Bobby Gafur Umar. A source close to Rothschild said the black hole in Bumi's results were 'appalling but not surprising'. Photograph: ReutersJosephine Moulds2013-05-31T15:53:00ZBumi asks for share suspension amid inquiry into whistleblower's claimshttps://www.theguardian.com/business/2013/apr/22/bumi-shares-suspended-whistleblowers-claims
Scandal-hit coalmining firm founded by Nathaniel Rothschild halts trading as irregular payments of $38m are investigated<p>Bumi, the Indonesian coal miner founded by Nathaniel Rothschild, asked for trading in its shares to be suspended while it awaits an investigation into $38m (£25m) of unaccounted funds meant to be paid in compensation to Borneo landowners.</p><p>The FTSE-250 company, which has been dogged by a very public battle for control between Rothschild and his co-founders, Indonesia's powerful Bakrie family, asked for its shares to be suspended until a whistleblower's claims over irregular payments have been fully audited.</p> <a href="https://www.theguardian.com/business/2013/apr/22/bumi-shares-suspended-whistleblowers-claims">Continue reading...</a>Bumi ResourcesMiningBusinessLondon Stock ExchangeMon, 22 Apr 2013 19:53:44 GMThttp://www.theguardian.com/business/2013/apr/22/bumi-shares-suspended-whistleblowers-claimsPhotograph: ReutersIndonesian billionaire Aburizal Bakrie, who has been battling co-founder Nathaniel Rothschild for control of the mining company. Photograph: ReutersPhotograph: ReutersIndonesian billionaire Aburizal Bakrie, who has been battling co-founder Nathaniel Rothschild for control of the mining company. Photograph: ReutersRupert Neate2013-04-22T19:53:44ZBumi chief financial officer steps downhttps://www.theguardian.com/business/2013/apr/16/bumi-financial-officer-resigns
Scott Merrilees will not be seeking re-election as CFO after the mining company has twice delayed its financial results<p>Scott Merrillees, the chief financial officer at embattled mining group Bumi, is to step down from the board after the scandal-hit company has twice been forced to delay its financial results.</p><p>Merrillees will now focus on his role running the finance department at Bumi subsidiary Berau Coal and will not seek re-election at the group's annual meeting in June.</p> <a href="https://www.theguardian.com/business/2013/apr/16/bumi-financial-officer-resigns">Continue reading...</a>Bumi ResourcesMiningBusinessTue, 16 Apr 2013 17:56:42 GMThttp://www.theguardian.com/business/2013/apr/16/bumi-financial-officer-resignsPhotograph: Stefan Wermuth/ReutersBumi co-founder Nat Rothschild is still engaged in a power struggle with the rest of the company's board. Photograph: Stefan Wermuth/ReutersPhotograph: Stefan Wermuth/ReutersBumi co-founder Nat Rothschild is still engaged in a power struggle with the rest of the company's board. Photograph: Stefan Wermuth/ReutersSimon Goodley2013-04-16T17:56:42ZTreasury keen to sell part of its stake in Lloyds Banking Grouphttps://www.theguardian.com/business/nils-pratley-on-finance/2013/mar/01/lloyds-rbs-government-sale
Fancy financial footwork over the bailout suggests that the government is anxious to offload some of its shareholding<p>There is no fixed timetable for selling any shares in Lloyds and Royal Bank of Scotland, says the Treasury. Perfectly true, as far as it goes. But you can tell the government is champing at the bit, eager to offload a few, by the fancy financial footwork used on Friday to explain the price at which the state rescued Lloyds in 2009.</p><p>In the past, this territory has been straightforward. UK Financial Investments, the body that "manages" the state's investments in the bailed-out banks, provides the arithmetic in its annual reports. Its text is clear: the Labour government invested in Lloyds in three tranches and "the gross cost of these investments is £20.3bn, at an average cost per share of 73.58p". There's even an admirably clear table to explain the workings.</p> <a href="https://www.theguardian.com/business/nils-pratley-on-finance/2013/mar/01/lloyds-rbs-government-sale">Continue reading...</a>Lloyds Banking GroupRoyal Bank of ScotlandBankingGlencoreXstrataMiningCentricaCommoditiesEnergyEnergy industryBumi ResourcesCoalBusinessOilFri, 01 Mar 2013 19:54:00 GMThttp://www.theguardian.com/business/nils-pratley-on-finance/2013/mar/01/lloyds-rbs-government-salePhotograph: Lefteris Pitarakis/APLabour invested in Lloyds at an average cost per share of 73.6p. So where did the ONS figure of 61p come from? Photograph: Lefteris Pitarakis/APPhotograph: Lefteris Pitarakis/APLabour invested in Lloyds at an average cost per share of 73.6p. So where did the ONS figure of 61p come from? Photograph: Lefteris Pitarakis/APNils Pratley2013-03-01T19:54:00ZFTSE ends volatile week on upbeat note but caution remains ahead of Italian electionhttps://www.theguardian.com/business/marketforceslive/2013/feb/22/ftse-100-volatile-burberry-melrose
Burberry bounces on broker talk of possible interest from rival LVMH, while Melrose climbs on sector consolidation hopes<p>In another volatile week for investors, the <strong>FTSE 100</strong> managed to both hit a new five year peak and record its biggest one day fall since July, all in the space of two days.</p><p>On top of that came a smattering of takeover talk for the speculators.</p> <a href="https://www.theguardian.com/business/marketforceslive/2013/feb/22/ftse-100-volatile-burberry-melrose">Continue reading...</a>BusinessBurberryMelroseJ SainsburyG4SSercoVodafoneBarclaysLloyds Banking GroupRoyal Bank of ScotlandRSA InsuranceBAE SystemsBumi ResourcesFri, 22 Feb 2013 17:03:32 GMThttp://www.theguardian.com/business/marketforceslive/2013/feb/22/ftse-100-volatile-burberry-melroseNick Fletcher2013-02-22T17:03:32ZNat Rothschild fails to regain control of Bumihttps://www.theguardian.com/business/2013/feb/21/nat-rothschild-fails-regain-control-bumi
Shareholders reject 19 of 22 resolutions put forward by the financier as deputy chairman brands time on board a 'nightmare'<p>Nat Rothschild has lost his battle to regain control of the strife-wracked mining group Bumi following a contentious shareholder meeting in which the deputy chairman described his time on the board "a nightmare".</p><p>Amid substantial security, shareholders on Thursday rejected 19 of 22 resolutions put forward by Rothschild and thwarted his campaign for a boardroom clear-out. Rothschild, who was accompanied by his mother, Lady Serena and peppered the gathering with interjections from the floor, said he had no misgivings about his attempted boardroom coup despite the defeat. "You must not regret the past," he said.</p> <a href="https://www.theguardian.com/business/2013/feb/21/nat-rothschild-fails-regain-control-bumi">Continue reading...</a>Bumi ResourcesMiningBusinessWorld newsUK newsThu, 21 Feb 2013 20:53:57 GMThttp://www.theguardian.com/business/2013/feb/21/nat-rothschild-fails-regain-control-bumiPhotograph: Will Oliver/AFP/Getty ImagesNat Rothschild and his mother, Lady Serena, leave a Bumi shareholders' meeting in London. Photograph: Will Oliver/AFP/Getty ImagesPhotograph: Will Oliver/AFP/Getty ImagesNat Rothschild and his mother, Lady Serena, leave a Bumi shareholders' meeting in London. Photograph: Will Oliver/AFP/Getty ImagesShane Hickey2013-02-21T20:53:57ZSetback for Rothschild in battle for control of Bumihttps://www.theguardian.com/business/2013/feb/19/rothschild-bumi-board-struggle
Shareholder Standard Life says it will vote against Rothschild's proposals to overhaul board of troubled mining company<p>Nat Rothschild's hopes of winning back control of the mining group Bumi have received a further setback after shareholder Standard Life Investments said it would vote against his proposals to overhaul the board at the troubled company.</p><p>The development in the ongoing battle for control between Rothschild and the Bakrie family, the financier's one-time partners in the venture, is the latest blow for his plan to install a new board at an extraordinary general meeting on Thursday.</p> <a href="https://www.theguardian.com/business/2013/feb/19/rothschild-bumi-board-struggle">Continue reading...</a>Bumi ResourcesMiningInvestmentsBusinessUK newsTue, 19 Feb 2013 19:16:23 GMThttp://www.theguardian.com/business/2013/feb/19/rothschild-bumi-board-strugglePhotograph: ReutersNathaniel Rothschild with Bakrie & Brothers chief executive officer Bobby Gafur Umar in 2010. Photograph: ReutersPhotograph: ReutersNathaniel Rothschild with Bakrie & Brothers chief executive officer Bobby Gafur Umar in 2010. Photograph: ReutersShane Hickey2013-02-19T19:16:23ZBumi board backed by investor Standard Life in battle with Nat Rothschildhttps://www.theguardian.com/business/marketforceslive/2013/feb/19/bumi-board-backed-standard-life-investments
Ahead of Thursday's showdown meeting, leading shareholder says it supports current Bumi directors<p>Financier Nat Rothschild's hopes of winning control of coal miner <strong>Bumi Resources</strong> have received another setback.</p><p>Rothschild wants to bring in a new board, ousting 12 of the current 14 directors and develop the business without his one-time partners, the Bakrie family, and hopes to persuade shareholders to back his plans on Thursday.</p> <a href="https://www.theguardian.com/business/marketforceslive/2013/feb/19/bumi-board-backed-standard-life-investments">Continue reading...</a>BusinessBumi ResourcesTue, 19 Feb 2013 11:04:02 GMThttp://www.theguardian.com/business/marketforceslive/2013/feb/19/bumi-board-backed-standard-life-investmentsNick Fletcher2013-02-19T11:04:02ZNat Rothschild suffers blow in bid to seize back Bumi controlhttps://www.theguardian.com/business/2013/feb/18/nat-rothschild-bumi-key-investor
Key investor sells shareholding just days ahead of crucial vote on embattled mining group's future<p>Nat Rothschild's bid to seize back control of the embattled mining group Bumi has been dealt a blow after a key investor sold his shareholding shortly before a crucial vote on the company's future.</p><p>The scion of the Rothschild banking dynasty had expressed confidence that he would prevail at an extraordinary general meeting on Thursday, when he will seek to install a new board at the Indonesian coal-mining concern.</p> <a href="https://www.theguardian.com/business/2013/feb/18/nat-rothschild-bumi-key-investor">Continue reading...</a>Bumi ResourcesMiningBusinessIndonesiaAsia PacificWorld newsCorporate governanceUK newsMon, 18 Feb 2013 19:44:13 GMThttp://www.theguardian.com/business/2013/feb/18/nat-rothschild-bumi-key-investorPhotograph: Nick Harvey/WireImageNat Rothschild's arithmetic has been undermined by the freeing up of Rosan Roeslani's stake. Photograph: Nick Harvey/WireImagePhotograph: Nick Harvey/WireImageNat Rothschild's arithmetic has been undermined by the freeing up of Rosan Roeslani's stake. Photograph: Nick Harvey/WireImageShane Hickey2013-02-18T19:44:13ZKipper Williams on Bumihttps://www.theguardian.com/business/cartoon/2013/feb/18/kipper-williams-on-bumi
<a href="https://www.theguardian.com/business/cartoon/2013/feb/18/kipper-williams-on-bumi">Continue reading...</a>Bumi ResourcesMiningBusinessMon, 18 Feb 2013 19:03:39 GMThttp://www.theguardian.com/business/cartoon/2013/feb/18/kipper-williams-on-bumiGuardian Staff2013-02-18T19:03:39ZITV brightens quiet trading day on renewed bid speculationhttps://www.theguardian.com/business/marketforceslive/2013/feb/18/itv-takeover-talk-ftse-100-dips-quiet-trading
Broadcaster's shares climb to near six year high but FTSE 100 dips as investors remain on sidelines<p>In a relatively quiet trading day, <strong>ITV</strong> provided some excitement for investors.</p><p>It was nothing the broadcaster actually did. Rather it was a reheating of takeover speculation which helped lift its shares by 3.3p to 120.3p, up 2.8%. This follows a 3% rise on Friday, and has pushed its shares to their highest level since early May 2007.</p><p>2013 has had a good start with media buyers indicating January up 5%, February up 2% and March -1%; given this positive start, we raise our 2013 net advertising revenue to flat from -1% and move our target price up to 130p (from 125p).</p><p>We remain positive on ITV as it continues to deliver well against its transformational plan, scope for cash returns, advertising remains relatively robust and the stock trades at a 2013 PE of 11.1 times.<br></p><p>The broadcast rights would include certain matches from the German Bundesliga, the Europa League and the English FA Cup. Apparently BSkyB is interested in the assets too which may bid up the price. </p><p>BT has still not announced its commercial strategy for selling its sports content to customers (including details about the different platforms and interactive services). However, we know BT will be able to sell its sport directly to Sky users having secured channels on its platform. We expect wholesale deals will be struck with both Sky and Virgin Media in due course.</p><p>With the US markets being closed for Presidents Day we have seen a pretty much directionless session to kick start the week. There's also been very little in terms of any meaningful economic data releases and so European investors have simply sat on their hands today. There's little you can read into this session as the volumes have been well below average, as can be expected when US markets are closed.</p><p>Economic data comes thick and fast for the remainder of the week with many business confidence surveys from Germany, which will be closely watched to see whether Europe's biggest economy is likely to rebound strongly from its 2012 fourth quarter contraction. The UK labour market data on Wednesday will also be keenly watched to see if employment can continue to surprise to the upside despite a flat lining economy.</p><p>Whilst this news is welcome, Morrisons is still very much playing catch-up when compared to the other large food retailers. We estimate Tesco, for example, will have over 2,000 Tesco Express and Tesco One Stop stores at the end of 2013 while Sainsbury will have over 500. We expect Morrisons meanwhile had only 20 stores under 5,000 square feet.</p> <a href="https://www.theguardian.com/business/marketforceslive/2013/feb/18/itv-takeover-talk-ftse-100-dips-quiet-trading">Continue reading...</a>BusinessITVBTAnglo AmericanAntofagastaEurasian Natural Resources CorporationBumi ResourcesInternational Airlines GroupMorrisonsVodafoneBAE SystemsFirstGroupITV plcMedia businessTelevision industryMediaMon, 18 Feb 2013 17:01:21 GMThttp://www.theguardian.com/business/marketforceslive/2013/feb/18/itv-takeover-talk-ftse-100-dips-quiet-tradingNick Fletcher2013-02-18T17:01:21ZITV shares jump on renewed bid speculation but FTSE 100 drifts lowerhttps://www.theguardian.com/business/marketforceslive/2013/feb/18/itv-bid-talk-virgin-media-ftse-100-drifts
Vigin Media takeover proposal puts broadcaster back in the takeover spotlight<p><a href="http://www.guardian.co.uk/media/2013/feb/06/virgin-media-takeover-john-malone-liberty-global" title="">Liberty Global's proposed takeover of Virgin Media</a> has put broadcasting companies in the spotlight, so it is no surprise <strong>ITV </strong>has crossed the bid radar again.</p><p>The free-to-air broadcaster's shares have climbed 3.5p to 120.5p, making it the biggest riser in a downbeat FTSE 100. This follows a 3% rise on Friday which has sent the shares to their highest level since early May 2007.</p> <a href="https://www.theguardian.com/business/marketforceslive/2013/feb/18/itv-bid-talk-virgin-media-ftse-100-drifts">Continue reading...</a>BusinessITVBTAntofagastaAnglo AmericanBumi ResourcesMon, 18 Feb 2013 10:19:24 GMThttp://www.theguardian.com/business/marketforceslive/2013/feb/18/itv-bid-talk-virgin-media-ftse-100-driftsNick Fletcher2013-02-18T10:19:24ZRothschild puts reputation at stake in Battle of Bumihttps://www.theguardian.com/business/2013/feb/17/nathaniel-rothschild-group-banking-bumi
Bitter feud with Bakries for control of ailing mining group comes to a head this week in City showdown<p>It's worth buying a share just to enjoy the show. The battle of Bumi will be fought at a shareholder meeting this Thursday, a climax to a City fiasco involving billionaires, feuds, whistleblowers, alleged computer hacking and claims that $1bn (£645m) is missing.</p><p>Coal mining in Indonesia, Bumi's raison d'etre, has taken a backseat. Instead, the City has been fascinated by plot twists that have reduced a company that aimed for the FTSE 100 index to a shambles. London's reputation as a serious financial centre hasn't fared much better.</p> <a href="https://www.theguardian.com/business/2013/feb/17/nathaniel-rothschild-group-banking-bumi">Continue reading...</a>Bumi ResourcesMiningFinancial sectorBusinessCoalEnergyBankingUK newsSun, 17 Feb 2013 19:57:00 GMThttp://www.theguardian.com/business/2013/feb/17/nathaniel-rothschild-group-banking-bumiPhotograph: Handout/REUTERSWill Nathaniel Rothschild, left, overthrow his former colleagues and return to 'save' Bumi from his one-time partners, Indonesia’s powerful Bakrie family? Photograph: Handout/REUTERSPhotograph: Handout/REUTERSWill Nathaniel Rothschild, left, overthrow his former colleagues and return to 'save' Bumi from his one-time partners, Indonesia’s powerful Bakrie family? Photograph: Handout/REUTERSNils Pratley2013-02-17T19:57:00ZBumi backers can't see the funny side of billion-dollar cash losshttps://www.theguardian.com/business/2013/feb/17/rothschild-bumi-bae-systems-easyjet
The Rothschild spat rumbles on, BAE Systems' numbers are up, and Stelios still isn't happy with easyJet<p>Another week, another round in the interminable Rothschild/Bumi scrap as shareholders vote on Thursday to decide which of the rivals attempts to salvage something from this wreck.</p><p>For those who dropped off during the drama, a quick precis: financier Nat Rothschild raised money to float a cash shell and went searching for mining assets in developing economies. Two meetings with some rich Indonesians called the Bakries sufficed, and the banking scion created the London-listed Bumi plc, which acquired a stake in a Bakrie business.</p> <a href="https://www.theguardian.com/business/2013/feb/17/rothschild-bumi-bae-systems-easyjet">Continue reading...</a>Bumi ResourceseasyJetBusinessSun, 17 Feb 2013 00:06:04 GMThttp://www.theguardian.com/business/2013/feb/17/rothschild-bumi-bae-systems-easyjetPhotograph: Handout/REUTERSNat Rothschild with Bakrie chief executive Bobby Gafur Umar in 2010. Photograph: Handout/REUTERSPhotograph: Handout/REUTERSNat Rothschild with Bakrie chief executive Bobby Gafur Umar in 2010. Photograph: Handout/REUTERSSimon Goodley2013-02-17T00:06:04ZThe real Bumi/Rothschild story is very simple: where is the money?https://www.theguardian.com/business/blog/2013/feb/12/bumi-missing-money-row-nat-rothschild
The triumph of Bumi's PR machine is that only the minutiae of the row with Rothschild – and his shocking deal – make news<p>Which happens more often – an announcement that another brand of frozen lasagne has been made from the carcass of some poor beast from a Romanian donkey sanctuary; or the arrival of another missive from one side in the Bumi/Rothschild spat?</p><p>It is a closer-run contest than a derby on Blackpool beach, but the Bumi saga wins by a short head. Especially after Tuesday's latest missive.</p> <a href="https://www.theguardian.com/business/blog/2013/feb/12/bumi-missing-money-row-nat-rothschild">Continue reading...</a>Bumi ResourcesMiningBusinessTue, 12 Feb 2013 19:01:42 GMThttp://www.theguardian.com/business/blog/2013/feb/12/bumi-missing-money-row-nat-rothschildPhotograph: Nick Harvey/WireImageTuesday saw the arrival of another missive in the long-running spat between Nat Rothschild and Bumi. Photograph: Nick Harvey/WireImagePhotograph: Nick Harvey/WireImageTuesday saw the arrival of another missive in the long-running spat between Nat Rothschild and Bumi. Photograph: Nick Harvey/WireImageSimon Goodley2013-02-12T19:01:42ZNat Rothschild can't be compelled to return bonus shareshttps://www.theguardian.com/business/nils-pratley-on-finance/2013/feb/04/rothschild-can-not-be-forced-to-return-bonus-shares
It is bizarre, and unjust, that Nat Rothschild has been able to keep his bonus shares, principle of clawback should apply<p>The chances of Nat Rothschild returning his bonus shares in Bumi plc are roughly zero. He can't be compelled to return them because the arrangement was crystal clear: their delivery was triggered when shareholders approved the two big acquisitions that took Vallar, as Bumi was called in its cash-shell form, into the Indonesian coal mining industry in 2010. And, since surrendering the shares would hinder Rothschild's hopes of returning to the board and ousting most of the current directors by vote, he probably isn't going to be embarrassed into handing them back.</p><p>But Sir Julian Horn-Smith, Bumi's senior non-executive director, makes a valid point. It is bizarre, and unjust, that Rothschild has been able to keep his bonus shares. The Indonesian acquisitions have turned out to be a disaster for original Vallar shareholders and, in a rational world, the principle of clawback would apply.</p> <a href="https://www.theguardian.com/business/nils-pratley-on-finance/2013/feb/04/rothschild-can-not-be-forced-to-return-bonus-shares">Continue reading...</a>Bumi ResourcesMiningBusinessMergers and acquisitionsMon, 04 Feb 2013 20:36:00 GMThttp://www.theguardian.com/business/nils-pratley-on-finance/2013/feb/04/rothschild-can-not-be-forced-to-return-bonus-sharesPhotograph: Nick Harvey/WireImageNat Rothschild's bonus shares were triggered after shareholders approved acquisitions that took former cash-shell into Indonesian mining sector. Photograph Nick Harvey/WireImagePhotograph: Nick Harvey/WireImageNat Rothschild's bonus shares were triggered after shareholders approved acquisitions that took former cash-shell into Indonesian mining sector. Photograph Nick Harvey/WireImageNils Pratley2013-02-04T20:36:00Z